Ironshore Holdings (U.S.) Inc. has completed the acquisition of TIG Specialty Insurance Co., a U.S.-based excess and surplus lines insurance company, from TIG Insurance Co. Subject to regulatory name change approval, the company will be renamed Ironshore Specialty Insurance Co.
Ironshore Specialty Insurance Co. has approval to write excess and surplus lines in 40 states plus the District of Columbia. In addition, it has licenses in 5 states. ISIC will serve as the excess and surplus lines insurance carrier for Bermuda-based Ironshore’s U.S. operations, which currently consist of the IronPro and IronBuilt divisions.
“Having just recently closed on our admitted shell, Ironshore Indemnity Inc., we are very excited to launch Ironshore Specialty Insurance Co. and to increase our available product offerings in the U.S.,” said Mike Mitrovic, president of ISIC and president of IronPro Claims. “We are well poised for U.S. expansion now that both our admitted and excess and surplus lines companies are operational.”
Ironshore’s initial market profile included property catastrophe and property all-risk coverage for small to mid-sized commercial risks. With the launch of IronPro in May 2007 and IronBuilt in October 2007, Ironshore has expanded its platform into the professional liability and construction specialty market sectors.